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Strategic Portfolio Adjustments from 2025 Drive Enhanced Profitability with Net Income up 36% and EBITDA Reaching 9.7% of Net Sales
LANCASTER, Pa., April 27, 2026 /PRNewswire/ -- Burnham Holdings, Inc. (OTC-Pink: BURCA) ("BHI", the "Company", "we" or "our") today reported its consolidated financial results for the first quarter of 2026, delivering strong net sales and improved profitability, reflecting early momentum from the prior-year strategic portfolio actions to strengthen its core boiler business.. The financial statement presentation has been adjusted to reflect the previously announced divestiture of its subsidiaries Thermo Products, LLC (TP) and Norwood Manufacturing, Inc. (NMI) as discontinued operations.
Net Sales: Net sales for the first quarter of 2026 reached $66.2 million, up 18.7% ($10.4 million) from the first quarter of 2025.
Solid Gross Profit Margins: Gross profit margin increased to 26.6% in the first quarter of 2026 from 24.5% in the first quarter of 2025.
Strategic SG&A Investment: Adjusted selling, general, and administrative expenses (SG&A) as a percentage of net sales were 19.8% in the first quarter of 2026 compared to 18.2% for the first quarter of 2025. Although higher on a percentage basis quarter over quarter, SG&A spend for 2026 was in line with expectations of planned initiative spending.
Net Income: Net income from continuing operations for the first quarter of 2026 was $3.4 million, or $0.72 per diluted share, compared with net income from continuing operations of $2.5 million, or $0.54 per diluted share in the first quarter of 2025.
Enhanced Profitability Metrics: EBITDA from continuing operations for the first quarter of 2026 was $6.4 million (9.7% of net sales), an increase from $4.8 million (8.6% of net sales) in the first quarter of 2025.
Increased Shareholder Value: Diluted earnings per share from continuing operations for the first quarter of 2026 improved to $0.72, up from $0.54 in the first quarter of 2025.
"Our first quarter performance reflects the tangible impact of the strategic actions we took in 2025. By sharpening our focus on our core boiler business and higher-efficiency technologies, we're seeing strong sales growth, improved margins, and enhanced profitability," stated Chris Drew, President and CEO of Burnham Holdings. "Just as importantly, the operational discipline and investments we've put in place are positioning us to build on this momentum and deliver sustained value throughout 2026 and beyond."
While recent economic volatility from oil and natural gas markets may indirectly impact near-term margins, and fluctuations in input costs could create additional variability, BHI is well positioned to navigate these dynamics. BHI's strong foundation in its core cast iron business, combined with ongoing investment in high-efficiency technologies, positions the Company to capture continued sales growth as energy price volatility drives demand for a range of heating solutions. In addition, strategic investments made over the past year to further streamline operations are expected to support long-term margin expansion by enhancing engineering efficiency, increasing production throughput, and optimizing the cost structure across BHI's operational product portfolio.
Burnham Holdings, Inc.'s Annual Meeting is being held today virtually via a secure website meeting platform at 11:30 a.m. eastern. A press release regarding today's shareholder voting and the Board of Directors determination regarding declaration of a quarterly dividend will be released later this afternoon.
About Burnham Holdings, Inc.: BHI is the parent company of multiple subsidiaries that are leading domestic manufacturers of boilers for residential applications. Additionally, through its various subsidiaries it serves the commercial / industrial boiler markets with a variety of boiler products, rental trailers and boiler room services. BHI is listed on the OTC Exchange under the ticker symbol "BURCA". For more information, please visit www.burnhamholdings.com.
Safe Harbor Statement: This Press Release contains forward-looking statements. Other reports, letters, press releases and investor presentations distributed or made available by the Company may also contain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates, and projections, and you should therefore not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, variations in weather, changes in the regulatory environment, litigation, customer preferences, general economic conditions, technology, product performance, raw material costs, and increased competition.
Non-GAAP Financial Information: This press release may contain certain non-GAAP financial measures, including, but not limited to, adjusted SG&A, EBITDA, Adjusted EBITDA, Adjusted Net Income and adjusted diluted earnings per share. These non-GAAP financial measures do not provide investors with an accurate measure of, and should not be used as a substitute for, the comparable financial measures as determined in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company believes these non-GAAP financial measures, when read in conjunction with the comparable GAAP financial measures, give investors a useful tool to assess and understand the Company's overall financial performance, because they exclude items of income or expense that the Company believes are not reflective of its ongoing operating performance, allowing for a better period-to-period comparison of operations of the Company. The Company acknowledges that there are many items that impact a company's reported results, and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.
Burnham Holdings, Inc. | |||||
Consolidated Statements of Operations | |||||
(In thousands, except per share amounts) | |||||
(Unaudited) | |||||
Three Months Ended | |||||
March 29, | March 30, | ||||
2026 | 2025 | ||||
Net sales | $ 66,183 | $ 55,736 | |||
Cost of goods sold | 48,551 | 42,103 | |||
Gross profit | 17,632 | 13,633 | |||
Selling, general and administrative expenses | 13,109 | 10,153 | |||
Operating income | 4,523 | 3,480 | |||
Other (expense) / income: | |||||
Non-service related pension credit | 13 | 50 | |||
Gain on derivative mark to market | 22 | - | |||
Interest and investment gain (loss) | 216 | (6) | |||
Interest expense | (309) | (239) | |||
Other expense | (58) | (195) | |||
Income from continuing operations before income tax | 4,465 | 3,285 | |||
Income tax expense | 1,027 | 754 | |||
Income from continuing operations | 3,438 | 2,531 | |||
Income from discontinued operations, net of tax | - | 840 | |||
Net income | $ 3,438 | $ 3,371 | |||
Earnings per share: | |||||
Basic | |||||
Income from continuing operations | $ 0.73 | $ 0.54 | |||
Income from discontinued operations | - | 0.18 | |||
Basic earnings per share | $ 0.73 | $ 0.72 | |||
Diluted | |||||
Income from continuing operations | $ 0.72 | $ 0.54 | |||
Income from discontinued operations | - | 0.18 | |||
Diluted earnings per share | $ 0.72 | $ 0.72 | |||
Cash dividends per share | $ 0.23 | $ 0.23 | |||
Burnham Holdings, Inc. | |||||||||
Consolidated Balance Sheets | |||||||||
(In thousands) | |||||||||
(Unaudited) | (Unaudited) | ||||||||
March 29, | December 31, | March 30, | |||||||
ASSETS | 2026 | 2025 | 2025 | ||||||
Current Assets | |||||||||
Cash and cash equivalents | $ 8,300 | $ 7,657 | $ 6,264 | ||||||
Trade accounts receivable, net | 26,846 | 29,065 | 19,222 | ||||||
Inventories, net | 44,065 | 37,442 | 49,490 | ||||||
Costs in excess of billings | 360 | 507 | 203 | ||||||
Prepaid expenses and other current assets | 4,772 | 6,556 | 2,922 | ||||||
Current assets of discontinued operations | - | - | 12,173 | ||||||
Total Current Assets | 84,343 | 81,227 | 90,274 | ||||||
Property, plant and equipment, net | 69,594 | 69,306 | 67,642 | ||||||
Lease assets | 6,312 | 6,014 | 5,633 | ||||||
Other long-term assets | 18,418 | 18,772 | 21,801 | ||||||
Long-term assets of discontinued operations | - | - | 5,544 | ||||||
Total Assets | $ 178,667 | $ 175,319 | $ 190,894 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Current Liabilities | |||||||||
Accounts payable & accrued expenses | $ 36,317 | $ 41,243 | $ 27,031 | ||||||
Billings in excess of costs | 297 | 261 | 1,304 | ||||||
Current liabilities of discontinued operations | - | - | 2,281 | ||||||
Current portion of: | |||||||||
Long-term liabilities | 87 | 87 | 772 | ||||||
Lease liabilities | 1,662 | 1,571 | 1,312 | ||||||
Long-term debt | 184 | 184 | 184 | ||||||
Total Current Liabilities | 38,547 | 43,346 | 32,884 | ||||||
Long-term debt | 16,820 | 11,373 | 23,883 | ||||||
Lease liabilities | 4,650 | 4,443 | 4,321 | ||||||
Other long-term liabilities | 4,689 | 4,860 | 4,581 | ||||||
Deferred income taxes | 7,749 | 7,710 | 9,295 | ||||||
Long-term liabilities of discontinued operations | - | - | 441 | ||||||
Shareholders' Equity | |||||||||
Preferred Stock | 530 | 530 | 530 | ||||||
Class A Common Stock | 3,654 | 3,654 | 3,642 | ||||||
Class B Convertible Common Stock | 1,293 | 1,293 | 1,302 | ||||||
Additional paid-in capital | 10,250 | 10,055 | 10,918 | ||||||
Retained earnings | 105,389 | 103,031 | 131,183 | ||||||
Accumulated other comprehensive loss | (5,208) | (5,280) | (21,028) | ||||||
Treasury stock, at cost | (9,696) | (9,696) | (11,058) | ||||||
Total Shareholders' Equity | 106,212 | 103,587 | 115,489 | ||||||
Total Liabilities and Shareholders' Equity | $ 178,667 | $ 175,319 | $ 190,894 | ||||||
Burnham Holdings, Inc. | ||||
Consolidated Statements of Cash Flows | ||||
(In thousands) | ||||
(Unaudited) | ||||
Three Months Ended | ||||
March 29, | March 30, | |||
2026 | 2025 | |||
Cash flows from operating activities: | ||||
Net income | $ 3,438 | $ 3,371 | ||
Income from discontinued operations, net of tax | - | 840 | ||
Income from continuing operations | $ 3,438 | $ 2,531 | ||
Adjustments to reconcile income from continuing operations | ||||
to net cash provided by operating activities: | ||||
Depreciation and amortization | 1,642 | 1,277 | ||
Deferred income taxes | 16 | 5 | ||
Provision for long-term employee benefits | 54 | (50) | ||
Share-based compensation expense | 195 | 119 | ||
Other reserves and allowances | 753 | (2,202) | ||
Changes in current assets and liabilities: | ||||
Decrease in accounts receivable, net | 1,221 | 4,621 | ||
Increase in inventories, net | (6,623) | (2,528) | ||
Decrease in other current assets | 1,038 | 721 | ||
Decrease in accounts payable and accrued expenses | (3,521) | (2,146) | ||
Net cash (used) provided by operating activities of continuing operations | (1,787) | 2,348 | ||
Net cash provided by operating activities of discontinued operations | - | 1 | ||
Net cash (used) provided by operating activities | (1,787) | 2,349 | ||
Cash flows from investing activities: | ||||
Capital expenditures | (1,936) | (2,949) | ||
Net cash used by investing activities of continuing operations | (1,936) | (2,949) | ||
Net cash used by investing activities of discontinued operations | - | (4) | ||
Net cash used by investing activities | (1,936) | (2,953) | ||
Cash flows from financing activities: | ||||
Net activity from revolving credit facility | 5,492 | 1,656 | ||
Repayment of term loan | (46) | (46) | ||
Dividends paid | (1,080) | (1,072) | ||
Net cash provided by financing activities | 4,366 | 538 | ||
Net increase (decrease) in cash and cash equivalents | $ 643 | $ (63) | ||
Cash and cash equivalents, beginning of period | $ 7,657 | $ 6,327 | ||
Net increase (decrease) in cash and cash equivalents | 643 | (63) | ||
Cash and cash equivalents, end of period | $ 8,300 | $ 6,264 | ||
Burnham Holdings, Inc. | ||||||||||||||||
Consolidated Statements of Shareholders' Equity | ||||||||||||||||
(In thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Class B | Accumulated | |||||||||||||||
Class A | Convertible | Additional | Other | Treasury | ||||||||||||
Preferred | Common | Common | Paid-in | Retained | Comprehensive | Stock, | Shareholders' | |||||||||
Stock | Stock | Stock | Capital | Earnings | Loss | at Cost | Equity | |||||||||
Balance at December 31, 2024 | $ 530 | $ 3,633 | $ 1,311 | $ 10,799 | $ 128,884 | $ (20,820) | $ (11,058) | $ 113,279 | ||||||||
Net income | - | - | - | - | 3,371 | - | - | 3,371 | ||||||||
Other comprehensive loss, | ||||||||||||||||
net of tax | - | - | - | - | - | (208) | - | (208) | ||||||||
Cash dividends declared: | ||||||||||||||||
Common stock - ($0.23 per share) | - | - | - | - | (1,072) | - | - | (1,072) | ||||||||
Share-based compensation: | ||||||||||||||||
Expense recognition | - | - | - | 119 | - | - | - | 119 | ||||||||
Conversion of common stock | - | 9 | (9) | - | - | - | - | - | ||||||||
Balance at March 30, 2025 | $ 530 | $ 3,642 | $ 1,302 | $ 10,918 | $ 131,183 | $ (21,028) | $ (11,058) | $ 115,489 | ||||||||
Class B | Accumulated | |||||||||||||||
Class A | Convertible | Additional | Other | Treasury | ||||||||||||
Preferred | Common | Common | Paid-in | Retained | Comprehensive | Stock, | Shareholders' | |||||||||
Stock | Stock | Stock | Capital | Earnings | Loss | at Cost | Equity | |||||||||
Balance at December 31, 2025 | $ 530 | $ 3,654 | $ 1,293 | $ 10,055 | $ 103,031 | $ (5,280) | $ (9,696) | $ 103,587 | ||||||||
Net income | - | - | - | - | 3,438 | - | - | 3,438 | ||||||||
Other comprehensive income, | ||||||||||||||||
net of tax | - | - | - | - | - | 72 | - | 72 | ||||||||
Cash dividends declared: | ||||||||||||||||
Common stock - ($0.23 per share) | - | - | - | - | (1,080) | - | - | (1,080) | ||||||||
Share-based compensation: | ||||||||||||||||
Expense recognition | - | - | - | 195 | - | - | - | 195 | ||||||||
Balance at March 29, 2026 | $ 530 | $ 3,654 | $ 1,293 | $ 10,250 | $ 105,389 | $ (5,208) | $ (9,696) | $ 106,212 | ||||||||
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